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OCEANTEAM ASA
v
An Oslo Stock Exchange listed shipping company
Ticker: OTS
CEO: Haico Halbesma
Q3 2016 Presentation Oslo – 10 November 2016
1 Q3 PRESENTATION 2016
OCEANTEAM ASA
CAUTIONARY STATEMENT
This presentation contains forward looking information. Forward looking
information is based on management assumptions and analysis. Actual
experience may differ, and those differences may be material. Forward looking
information is subject to uncertainties and risks. This presentation must be read
in conjunction with the Company’s financial statement.
2 Q3 PRESENTATION 2016
OCEANTEAM ASA
AGENDA
• Company Overview & Highlights
• Strategy
• Financials
• Market Outlook
3 Q3 PRESENTATION 2016
OCEANTEAM ASA
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Company Overview & Highlights
4 Q3 PRESENTATION 2016
OCEANTEAM ASA
UPDATE ON CURRENT SITUATION
Development bond price Dec.2014 – Nov.2016
5 Q3 PRESENTATION 2016
Newly-appointed interim CFO, Wilhelm Bøhn,
will lead the financial department and will be
heading the current financial restructuring
process
In Q4 we focused on tackling the liquidity
squeeze, due in particular to the newly-entered
vessel contracts for BO 101 & Southern Ocean,
payment issues on two smaller vessels in
Venezuela and some Solutions clients
20 October 2016 Oceanteam announced its initiated process of restructuring
Company in constructive dialogue with bondholders and banks, following deferral of interest
payment on Senior unsecured Bond
The immediate effect of this deferral: under loan agreements the banks are retaining cash within the
operational entities and this is not available to Oceanteam ASA
OCEANTEAM ASA
COMPANY OVERVIEW – Oceanteam the offshore
service provider
6
• High quality support to offshore contractors all over the
world:
Fleet of large and advanced offshore vessels Oceanteam
Shipping
Expertise in (rental) marine equipment, cable logistics and
design engineering Oceanteam Solutions
• Our business strategy
A one-stop-shop providing solution-driven services by
combining our engineering, equipment and shipping expertise
into a single service in accordance with clients’ requests
• Our strengths
Stable regions
Solid local partners
Diverse client base
Agile and cost efficient organisationQ3 PRESENTATION 2016
OCEANTEAM ASA
PERFORMANCE HIGHLIGHTS Q3 2016
7 Q3 PRESENTATION 2016
OCEANTEAM ASA
HIGHLIGHTS OF THE 3rd QUARTER 2016
8
• Extension of two vessel contracts: CSV Bourbon Oceanteam
101 secured new time-charter for period of 3 years + options
against significantly reduced rates. CSV Southern Ocean
transferred to Shelf Subsea after sale of subsea business by
Fugro NV. Charter has been extended up to July 2021 against
significantly reduced rates
• Company initiates financial restructuring and is in process of
developing a restructuring plan that will secure a capital cost
and structure which will support the value preservation and
financial flexibility while enabling value creation for all
stakeholders
• Appointment of Mr Bøhn as interim CFO
Q3 PRESENTATION 2016
OCEANTEAM ASA
HIGHLIGHTS OF THE 3rd QUARTER 2016
9
• Construction of the Tampamachoco 1 is progressing and is
scheduled to start operations early 2017. Mexican market
develops slower than expected, but Company remains positive
about its future development and potential
• EBITDA from operations of USD 3.6 million at a reasonable
and robust level considering the start-up of new vessel
contracts
Q3 PRESENTATION 2016
OCEANTEAM ASA
HIGHLIGHTS OF THE 3rd QUARTER 2016
10
• Oceanteam Solutions awarded a long-term contract to supply
an Offshore Transmission Owner (OFTO) with port facilities,
loadouts and storage of cables at Oceanteam’s own cable
storage facility in Velsen Noord, The Netherlands
• Oceanteam Solutions has performed several cable loadouts in
Asia. The scope is part of a contract that includes multiple
cable transports
Q3 PRESENTATION 2016
OCEANTEAM ASA
HIGHLIGHTS OF THE 3rd QUARTER 2016
11
• Oceanteam Solutions enters the Chinese market
• Oceanteam Solutions has been awarded with a subsidy from
Dutch consortium Knowledge and Innovation, Wind at Sea (TKI
- WoZ) for further research & development of its promising
Double Slip Joint (DSJ) concept
• Oceanteam Solutions awarded with new assignments by
MonoBaseWind and Centrica
Q3 PRESENTATION 2016
OCEANTEAM ASA
VESSEL CONTRACT BACKLOG
12 Q3 PRESENTATION 2016
OCEANTEAM ASA
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Strategy
13 Q3 PRESENTATION 2016
OCEANTEAM ASA
DIVERSIFICATION STRATEGY – Improving our
clients performance
14
• Two operating segments:
> Oceanteam Shipping
> Oceanteam Solutions
Operating through variety of global business units and
different markets
• This diversification strategy allows the company to be
agile, maintaining and improving its performance, even
during challenging market conditions
• Oceanteam Solutions’ proportion of company’s earnings has
increased and will be a key contributor to future growth
Q3 PRESENTATION 2016
OCEANTEAM ASA
GEOGRAPHICAL STRATEGY – Captive markets with
opportunities
15
• Exploring new grounds: DOT Shipping, a joint venture with Diavaz
• Providing complete vertical supply chain through cutting edge engineering solutions and high end quality vessels
• Through this joint venture Oceanteam’s operations are expected to grow significantly
• Well-positioned in important oil and gas exploration basins
• Rapidly expanding in areas that play key role in development of offshore wind farms
• Future growth strategies, including Latin America, West Africa and Asia Pacific
• Located in areas where markets offer proven profitability
Q3 PRESENTATION 2016
OCEANTEAM ASA
FORECAST – value preservation- and creation for all
stakeholders.
16
Short Term Medium Term Long Term
• Develop a restructuring plan that
will secure a capital cost and
structure which will support the
value preservation and financial
flexibility while enabling value
creation for all stakeholders
• Continue constructive dialogue
with banks and bondholders
alike
• Focus on growing our
partnerships and develop new
opportunities: Mexican market
through DOT Shipping and
Diavaz
• Continued investments when
opportune to increase number of
earning units
• Utilise tax structure to maximize
shareholder’s value and to
facilitate growth
• Significant expansion of all
business lines: engineering,
marine assets and shipping
Long
Medium
Short
Q3 PRESENTATION 2016
OCEANTEAM ASA
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Financials
17 Q3 PRESENTATION 2016
OCEANTEAM ASA
BOND LOAN
18 Q3 PRESENTATION 2016
OCEANTEAM ASA
FINANCIAL STRATEGY – Our financial priorities
19
USD MILLIONInitiation of financial restructuring
Company has initiated a constructive dialogue
with its banks and bondholders to shape a new
financial structure and to create financial
flexibility needed in today's challenging market
situation
Aim is to establish a revised capital structure and
cost of capital that can support the long term
growth of Oceanteam ASA
EBITDA for the quarter
• Q3 2016 – USD 3.6 million – 33% of Revenue
2014 20162015 2017
Bond Amortization
Bank Amortization
Loan Balance
Q3 PRESENTATION 2016
-
20
40
60
80
100
120
140
160
180
200
OCEANTEAM ASA
SHARE PRICE DEVELOPMENT
20
FMV developments
• Modern fleet, high-end deep water assets, long
term charters secured
Booked equity
• 41%
• USD 89.2 million (after 10% share buy back)
Market capitalization
• NOK 38.8 million (29.6 m shares@ NOK 1.70)
Cash liquidity constraint
• Deferral of interest payments and technical default
on Senior unsecured Bond.
• Financial restructuring process started.
Q3 PRESENTATION 2016
OCEANTEAM ASA
P&L REPORT END Q3 2016 AND BALANCE SHEET Q3
2016
21 Q3 PRESENTATION 2016
• Oceanteam would like to refer to the Q3 2016 report, page 16, 17 & 18
OCEANTEAM ASA
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Market outlook
22 Q3 PRESENTATION 2016
OCEANTEAM ASA2323
DEVELOPER’S FORECAST REDUCED CAPEX AND REQUIRE INNOVATIONS, in APAC we see same trends
Strong growth in Offshore Renewable market with
focus on cutting installation and maintenance costs
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1.5
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2.5
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1995 2000 2005 2010 2015 2020 2025
Pro
ject
CA
PEX
(£
m/M
W)
Construction Start Year
Consent Authorised Fully Commissioned Under Construction/Commissioning
Q3 PRESENTATION 2016
OCEANTEAM ASA
Mexico outlook: future growth depends on efficient
implementation of the energy reform
24 Q3 PRESENTATION 2016
© Pemex investor presentation Jan 2016
OCEANTEAM ASA25 Q3 PRESENTATION 2016
Subsea support vessel demand in Mexico continous to decline
-
5
10
15
20
25
30
35
40
2007 2008 2009 2010 2011 2012 2013 2014 2015
Multiservice ROVSV DSV
Subsea support vessel (DP2+) demand in Mexico
Source: IHS
Ve
sse
l ye
ars
(300/3
65 d
ays
ba
sis)
© 2016 IHS
OCEANTEAM ASA
Oceanteam ASA
Corporate Headquarters
Tveitaråsveien 12 T +47 55 10 82 40
PO Box 463, Nesttun F +47 55 10 82 49
5853 Bergen E [email protected]
Norway
WWW.OCEANTEAM.NO
THANK YOU!
26 Q3 PRESENTATION 2016